Do you want funding for your NFT project?
The NFT market may be down from its 2021 peak, but founders, builders, and collectors continue to flock to the space. And many are looking for new capital.
Although NFTs are part of the Web3 world, traditional business mechanisms are inevitable for founders in the post-boom market.
An eclectic group of venture capitalists gathered at NFT NYC last week for a panel on how to fund your NFT project. Speakers agreed that, as with any project, at the very least, it is important to tweak and align the details before looking for investors.
“We see a lot of companies looking to get investment, and they want to get it right away,” said Emily Cheshire, segment leader of the blockchain and cryptocurrency team at Aprio Cloud. "I would say plan for it from day one and do everything you can to prepare for this investment."
Most NFT projects have vague forecasts, roadmaps and ideas for their business models, said Ralph Kuepper, founder of Sherwood Analytics. "Very rarely do you see a business plan with forecasts and ideas" for NFT projects.
Cheshire noted that by the time many NFT projects are seeking investment, it is "almost too late". Planning involves knowing who the advisors are, who the core team will be, as well as simple things like understanding finances and forecasting.
“Building in this space and building an NFT business is sexy and fun, I don't blame you. /p>
It's also important to look at what and how investors are investing, Kuepper said. There is a notable difference between companies buying NFTs – potentially for a PR stunt like Visa did after buying a CryptoPunk for around $150,000 in ether in 2021 – and investing in building a project.
The NFT market may be down from its 2021 peak, but founders, builders, and collectors continue to flock to the space. And many are looking for new capital.
Although NFTs are part of the Web3 world, traditional business mechanisms are inevitable for founders in the post-boom market.
An eclectic group of venture capitalists gathered at NFT NYC last week for a panel on how to fund your NFT project. Speakers agreed that, as with any project, at the very least, it is important to tweak and align the details before looking for investors.
“We see a lot of companies looking to get investment, and they want to get it right away,” said Emily Cheshire, segment leader of the blockchain and cryptocurrency team at Aprio Cloud. "I would say plan for it from day one and do everything you can to prepare for this investment."
Most NFT projects have vague forecasts, roadmaps and ideas for their business models, said Ralph Kuepper, founder of Sherwood Analytics. "Very rarely do you see a business plan with forecasts and ideas" for NFT projects.
Cheshire noted that by the time many NFT projects are seeking investment, it is "almost too late". Planning involves knowing who the advisors are, who the core team will be, as well as simple things like understanding finances and forecasting.
“Building in this space and building an NFT business is sexy and fun, I don't blame you. /p>
It's also important to look at what and how investors are investing, Kuepper said. There is a notable difference between companies buying NFTs – potentially for a PR stunt like Visa did after buying a CryptoPunk for around $150,000 in ether in 2021 – and investing in building a project.
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